Rep Frank Hopes To Bring Gambling Bill To Floor This Year

Rep. Barney Frank, the Chairman of the House Financial Services Committee has said that he plans to bring his bill legalizing online gambling before his committee in July and hopes to have it passed by the House this year.

Frank testified before the House Ways and Means Committee on Wednesday in support of a bill by Rep. Jim McDermott, which sets up a framework for taxing online gambling. The committee was hearing evidence for and against such a proposal.

Frank’s two bills would legalize online gambling and then set up the framework to regulate it.

The regulations of the UIGEA bill, passed in 2006, are set to go into effect on June 1. Frank has argued that when those regulations go into effect, they will force the banks and other financial institutions to enforce those regulations and to determine which financial transactions are illegal under the act. This, he argues, will place a great hardship and strain on the banks.

Frank says that he expects the banks to protest loudly that they are being forced to police the online gambling industry.

Related News

Feel like a little online wagering? Feel like doing it all in the United States? Relax… the chance is here.
Virgin Gaming, is announcing on Tuesday, at the E3 video game industry show, that it will be offering video gamers online, a chance to go head to head against others players online and win large cash prizes. To get around the US laws against gambling, they have to make sure that they label their games and games of skill and not chance. That way, it is not gambling.

Everything was looking rosy for online gambling in New Jersey after the June 3 3-1 vote by the Senate State Government, Wagering, Tourism & Historic Preservation Committee to pass Senate bill S490 with very few amendments.Now, the very casinos that would most benefit from that very law, have announced through the Casino Association of New Jersey (CANJ), their trade organization, that they do not want the bill to pass. CANJ represents all eleven Atlantic City casinos.

Due to complaints from land based gambling companies, the new Danish gambling law is headed back to the European Commission for further review.The complaint from the land based gambling companies is that the tax provisions of the new law are unfair.This comes following reports that Danske Spil, the former state online gambling monopoly, would have to abandon it’s online poker b2b deal with the world’s leading listed online gaming company, Party gaming.